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Alternative Data Transforms Small Business Lending
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The alternative data revolution in 2023 significantly impacted small business lending, with a 30% increase in business bankruptcy rates. Data-driven decision-making and advanced AI are transforming loan products and approval rates, while the availability of financing solutions remains limited for SMBs with lower revenue. Lenders are leveraging granular insights to tailor loan offers and improve underwriting processes for eCommerce marketplaces.
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How can the use of advanced AI and data analytics benefit other financial sectors beyond small business lending?
How might the alternative data revolution impact other industries in the future?
What steps can be taken to address the limited financing solutions for SMBs with lower revenue?
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